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20130101
20130131
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. the dodd frank bell is broad and has covered major parts of the financial system. >> this is from an audience member. had he respond to the people who question the constitutionality of the federal reserve and would like to severely weaken it? had he respond to members of congress who wish to audit the fed? >> i am not a lawyer. the fed has been around for a century, and nobody has had a supreme court case. i am not owing to get into that issue. i think the fed performs the critical role of managing the monetary system, which is the power it that congress has to delegate. let me talk to the other issue, which i think is more substantive. as you know, there are bills in congress that would audit the fed. it sounds like something -- how could anybody object to it? don't you have to look and see what is on people's books? the trouble with that, that is not what it is about. it is a misnomer. the fed looks are thoroughly audited. we are audited by an outside i did sector accounting firm, which gives us a clean bill of health. second, all of our books and financials are open to the gao,
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